Twitter announced that it would be holding a meeting of its shareholders to vote on the Elon Musk deal on Sep 13
Twitter Inc., a major player in social media, announced on Tuesday that its shareholders would meet in September. The shareholder’s meeting, which is slated to take place on September 13th, will reportedly be the main voting event for the planned takeover of the social networking site by Elon Musk, CEO of Tesla Motors. The San Francisco-based corporation stated in a statement to all parties involved that the social media company is committed to completing the merger at the price and conditions agreed upon by Elon Musk. The letter told the shareholders again how important it was for them to vote for the takeover agreement to go through.
Elon Musk, who had first intended to buy the entire interest in Twitter Inc., eventually withdrew from the 44 billion dollar agreement, citing Twitter’s breach of contract. According to Twitter, which later filed a lawsuit against the world’s richest person, Elon Musk is not allowed to back out of such a pact in accordance with his whims and fancies. The trial is set to start in October 2022, and Twitter’s latest effort to get shareholders to agree to the original takeover offer is an attempt to get an advantage in the trial by showing that its shareholders back it.
Shareholders will vote on a number of resolutions connected to Elon Musk’s acquisition offer at the meeting on September 13. Giving certain executive-level officers agreeable remuneration is one such suggestion. In connection with the Twitter-Elon Musk transaction, the social networking business is obligated to pay this amount. Shareholders are likely to vote in favor of the takeover because they would get 54.20 dollars for each share they own and because Twitter Inc.’s board of directors supports the idea.
The company’s chief executive officer, Parag Agarwal, informed the staff a few months ago that the company would stop employing new personnel and examine job offers that had been made as part of the takeover preparations. Earlier, Elon Musk had a video conference with Twitter employees and workers. He talked with them about his goals for the social media company and answered their questions about workplace rules.
In related news, Elon Musk’s lawyers filed documents in the Delaware Chancery Court accusing Twitter of “slow-walking” on the delivery of crucial pre-trial materials. These documents, as noted by the Tesla CEO’s representative, are crucial in demonstrating if Elon may be coerced into signing the merger agreement. Elon Musk also charged the social media giant with exploiting the defendants’ uncertainties about the trial date. Twitter has not yet commented on the court documents issued by Elon Musk’s attorneys.